NEWARK, NJ--(Marketwire - August 27, 2008) - Ewire -- PSEG Global LLC and energy storage
pioneer Dr. Michael Nakhamkin today announced they have formed Energy
Storage and Power LLC (ES&P), a joint venture to exclusively market,
license, support the development and supervise project execution of the
second generation of Compressed Air Energy Storage (CAES) technology.
CAES technology stores off-peak energy, in the form of compressed air in an
underground reservoir and releases this energy during peak hours. CAES can
be used for load management of intermittent renewable energy resources or
as a stand-alone intermediate generation source for capturing energy
arbitrage, capacity payments and ancillary services.
Dr. Nakhamkin led the design and technical implementation of North
America's only CAES plant in McIntosh, Alabama. Dr. Nakhamkin will be the
Chief Technology Officer of the joint venture. Roy Daniel, who has been
with PSEG since 1994 in various management positions, will be CEO. Daniel
has served as asset manager for PSEG Global's generation in the U.S. and
Asia and structured over $1 billion of worldwide transactions working for
PSEG Global.
Energy Storage and Power's patented second generation CAES technology
incorporates lessons learned and operational experience of the Alabama CAES
project. This second generation CAES technology has numerous features and
advantages that position it to become an important part of the electricity
sector:
-- Greater scalability and a lower capital cost per megawatt-hour of
power storage relative to other power storage technologies;
-- A rapid power response rate, which is critical to enhancing grid
stability and compensating for the intermittency of renewable energy
resources such as wind and solar;
-- The ability to arbitrage the difference between off-peak and on-peak
power prices, a difference that has been increasing over time; and
-- The use of proven, multi-source, standard components applied in a
novel configuration resulting in lower capital cost with established
processes and procedures.
For the full release please follow this link:
http://www.ewire.com/display.cfm/Wire_ID/4962
Contact Information: Press Contact:
Paul Rosengren
973-430-5911